MGA Systems Blog
Today the world is defined by the term ‘Information Age.’ All businesses, both large and small, require effective and efficient business communication solutions. They must have relevant and trusted methods for communicating their unique value proposition.
An emerging trend gaining traction in the insurance industry is the use of low-code/no-code development platforms to build applications for insurance businesses. While there are some distinctions between the two, for the purpose of this blog, low-code/no-code will be considered as one entity.
As a technology provider to the insurance industry, we learn from our clients who write cyber insurance policies. Along with the cost for cyber insurance trending upward, stricter underwriting requirements have come into play. In this blog we share ideas to save on cyber coverage and be better prepared against a cyberattack.
It is impossible to find a one-stop-shop for MGAs that supports all your automation needs for marketing your programs, quoting your business, handling accounting, generating invoices and commissions, monitoring claims and managing your vital documents. This means you are often required to have unrelated software applications work together seamlessly.
After a long COVID-19 hibernation, attending the TMPAA Summit, InsureTech Connect and WSIA Annual Marketplace meetings last year was especially energizing. There are numerous advantages to belonging to and being involved with an insurance industry association that add value to our industry.
Introducing a policy administration system to your organization is meant to make your life easier and worry-free. You’ll soon enjoy a more streamlined process for end-to-end policy lifecycle management as you get products to market and start generating revenue.
We spoke with our client Drew Smith, who has 60 teammates in Fort Wayne, Indiana working in sales, accounting, IT, underwriting and claims. American Specialty was established in 1989, and then purchased by Brown & Brown (B&B) in 2005. Drew says that gives the company several advantages, including the ability to work with like-minded individuals and access to robust carrier partner relationships.
Small to midsize businesses that handle financial data are particularly susceptible to cybersecurity breaches. As part of the insurance community, you most certainly have extensive measures in place to make sure customer data is secure in your organization.
The legalization of medical marijuana offers people another option for pain management, but how does its availability affect the workers’ compensation industry, both in the treatment of the injured workers and in workplace safety?
Recently, we asked our CEO, Paul Areida, and our president, John Bennis, to share their views on current trends that will affect the future of the MGA niche of the industry.
Any business that deals with data – and the insurance industry handles a considerable amount – is ripe for attack by cyber criminals.
As Kofi Annan, the former United Nations Secretary General stated, “It has been said that arguing against globalization is like arguing against the laws of gravity.”
One thing successful MGAs and program administrators do to prepare for a surge in growth is evaluate their technology, so that systems and software hum along with the pace of new business.
In the age of heightened cyber security, one thing you can do to protect your organization is to have penetration tests and vulnerability assessments performed on your computer infrastructure, including servers, network and even applications.
RPS (Formerly known as KDC Associates, LLC) is a multi-million dollar office of Risk Placement Services (RPSins.com). They operate like an MGA and have the ability to rate, quote, bind, issue and endorse policies. Focused mainly on general business, inland marine and auto, they now have a growing line of towing business. It currently accounts for about 50% of their business.
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MGA Systems builds insurance software appropriate for each of our clients’ budgets and goals. Our 30+ year insurance industry knowledge is key to our ability to offer the lowest total cost solution for insurance automation.